Held that in terms of this provision, the Assessing Officer had power to assess or reassess the income in respect of an issue which had escaped assessment as well as any other income chargeable to tax, which came to his notice subsequently in the course of reassessment notwithstanding the reasons for such issue not being a part of the reasons recorded under section 148(2). In the absence of such assessment or reassessment of the former, he cannot independently assess the latter. In the case on hand, the Assessing Officer had accepted the objections of the assessee and had not assessed or reassessed the income, which was the basis of the notice. As a result, it would not be open to him to assess income under some other issue independently. The assessment order framed under section 147 read with section 143(3) was quashed.  Referred  CIT v. Jet Airways (I)) Ltd (2011) 331 ITR 236 (Bom)(HC), Travencore Cements Ltd v. ACIT (2008) 305 ITR 170 (Ker) (HC), Vipin Khanna v. CIT (2002) 255 ITR 220 (P& H)(HC). (AY.2011-12)